KARACHI: Honda Atlas Cars Pakistan Ltd (HACPL) on Wednesday increased prices of various models by Rs60,000-100,000 effective from Aug 10.

The company, in a letter to its authorised dealers, attributed the price hike to current foreign exchange situation, saying it was difficult to absorb exchange rate impact further.

The price of City 1.3LMT and 1.3LAT has been increased to Rs2.449 million and Rs2.639m, up Rs60,000 and Rs65,000 respectively. City 1.5L MT, 1.5LAT, 1.5L Aspire MT and 1.5L Aspire AT will now sell at Rs2.529m, Rs2.699m, Rs2.699m and Rs2.859m, showing a jump of Rs70,000 per vehicle.

With an increase of Rs80,000, the price of BR-V MT, BR-V CVT and BR-V S CVT has been fixed at Rs3.159m, Rs3.319m and Rs3.479m.

In addition, Honda Civic 1.8L VT SR CVT and 1.8LVTI CVT will now cost Rs3.979m and Rs3.729m, up by Rs80,000. The Turbo RS and Turbo Oriel models will be available at Rs4.699m and Rs4.449m, posting a hike of Rs100,000.

Two-wheelers

Atlas Honda Limited (AHL), maker of two-wheelers, after increasing prices from July 1 in the range of Rs1,400-20,000 on Wednesday also announced another hike with effect from August 3.

The new price of Honda CD70, CD70 Dream, Pridor and CG125 will be Rs77,900, Rs83,500, Rs108,500 and Rs129,900 as compared to Rs76,900, Rs82,500, Rs107,500 and Rs128,900.

Hammad Akram of Top Line Securities said car demand is increasing after reduction in interest rate by 6.25 per cent to 7pc over the last five months. As a result, commercial banks are revising their car financing schemes to attract more consumers. Historically, car financing accounted for 35-45pc of the overall auto sales, which had gone beyond 45pc in the low interest rate era.

Published in Dawn, July 30th, 2020